In a bowl, add rice, almonds, cinnamon stick and hot water. Allow the mixture to cool down completely before covering and refrigerating for a minimum of 8 hours.
After 8 hours, pour the contents of the bowl into a high-powered blender.
Add half of the condensed milk and blend for about 10 to 15 minutes until the rice and almonds are completely ground.
Place a strainer over a large bowl and line the strainer with two layers of cheesecloth.
Pour the contents of the blender over the strainer.
Strain all of the liquid into the bowl.
I like to bring the edges of the cheesecloth together into a parcel and squeeze the liquid out.
Remove strainer from the bowl and discard the rice and almond bits.
Add the remaining condensed milk, vanilla extract, milk and cold water into the bowl. Mix until fully combined.
Pour into individual glasses and serve with ice and a sprinkling of cinammon powder.